Volatility Is Surging. Here's the Level It Becomes a Buy Signal for Stocks. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Volatility Is Surging. Here's the Level It Becomes a Buy Signal for Stocks.By [Josh Schafer]ShareResize---ReprintsIn ...

GS Flow of Funds: March ⾼盛资⾦流向报告：三⽉ Month-end tends to mark a recalibration in the market having worked through critical flows. In 2026 fashion, investors are already faced with uncertainty and volatility to kick-off March. ⽉末往往标志着市场在处理完关键资⾦流后的重新校准。以典型 的"2026 年⽅式" ，投资者在 3 ⽉伊始便已⾯临不确定性和波 动。 As the S&P failed to rally through the critical 7k level "gamma wall" , investor sentiment and flows lead us to believe the only way up is down from here. The market continues to field walls of worry despite a supportive m ...

I am here at the JPMorgan Leveraged Finance Conference with someone who is a star here, Katherine O'Donnell, who is the head of North America leveraged finance and has a ton of meetings. Katherine, thank you so much for being with us. I want to start with the news of the day, which is clearly the question around the war in Iran and what that sort of percolating into the Middle East is going to do for fund raising for for companies being able to issue currently.Do you see a sort of hesitance to really start ...

Domestic Gold Jewelry Prices - As of February 24, 2026, domestic gold jewelry prices show significant price differentiation, with major brands quoting 24K gold (99.9% purity) between 1538 to 1603 RMB per gram [1] - China Gold leads with a price of 1603 RMB per gram, while Lao Feng Xiang and Lao Miao Gold are at 1538 RMB per gram; Chow Tai Fook, Luk Fook Jewelry, and others are priced at 1545 RMB per gram [1] - The Shui Bei market, a wholesale hub, reports a lower price of 1334 RMB per gram, indicating a price gap of 200-270 RMB per gram compared to branded stores [1] International Gold Price Volatility - The international gold market experienced heightened volatility, with London spot gold opening at 5160.01 USD per ounce, peaking at 5176.28 USD and dipping to 5107.12 USD before settling at 5160.91 USD [2] - New York gold futures also rose, reaching 5182 USD per ounce, alongside increases in silver, platinum, and palladium prices [2] Central Bank Gold Purchases and Market Dynamics - Central banks remain a key driver of gold demand, with the World Gold Council estimating an average net purchase of about 1000 tons annually from 2023 to 2024, decreasing to 900 tons in 2025 [3] - Recent volatility in gold prices has dampened short-term purchasing intentions among central banks, particularly in emerging markets, which prefer to wait for price stabilization [3] Price Adjustments and Promotions in Jewelry Market - The gold jewelry market is experiencing a contradiction of discount promotions and planned price increases, with Chow Tai Fook announcing a price hike of 15% to 30% for certain products starting mid-March [4] - This price adjustment aims to counter rising costs associated with craftsmanship and copyright, particularly for high-margin items that are less sensitive to price changes [4] Long-term Outlook for Gold Prices - Several international institutions maintain a bullish outlook on gold, with UBS raising its gold price target for the first three quarters of 2026 to 6200 USD per ounce, and JPMorgan predicting a rise to 6300 USD by the end of 2026 [6] - The silver market is expected to face a supply deficit for the sixth consecutive year, with ongoing geopolitical factors supporting price increases [6]

格隆汇2月25日｜据澎湃，近日，研究机构Citrini Research发布一篇名为《2028年全球智能危机》的报 告，假设了在2028年6月可能发生的场景，称届时美国失业率将突破10%。这篇报告进一步刺激了正在 对AI的颠覆性影响感到恐慌的美股市场，2月23日，标准普尔指数跌超过1%，其软件和服务指数跌至去 年4月美国总统特朗普宣布"解放日"关税以来的最低水平。 当地时间2月24日，上述报告的作者之一、Citrini Research的创始人詹姆斯·范·吉伦表示，要是他早知道 这篇文章会对市场造成如此大的冲击，绝不会将其免费公开。他警告称，未来市场还会有更多波 动："我们正进入一个市场波动非常剧烈的时期。"吉伦指出，市场对AI影响这一类话题的敏感程度已接 近临界点："这篇文章显然成为了投资者关注的焦点，他们原本就担忧AI会对现有企业造成二次冲击， 而当我们的文章指出最糟糕的情况时，这种焦虑情绪更是达到了顶峰。" ...

最近市场波动频繁，不少朋友说拿不准节奏，看着股票涨了又跌、跌了又弹，像坐过山车一样揪心。其实这背后，市场的交易逻辑已经悄悄发生了变化：现 在每天上万亿的成交里，有一部分资金根本不关心公司是做什么的、赚不赚钱，就盯着价格的微小波动赚快钱，有点像菜市场里专捡别人掉的零钱的人，不 关心菜的好坏，只关心有没有人抢菜引发的价格起伏。这种情况让很多靠看走势做判断的朋友频频踩坑，要么卖早了错过行情，要么拿晚了被套牢。其实 啊，我们不用靠猜来做判断，用量化大数据就像给市场做体检，能直接看到真实的交易动作，今天就从零开始，教大家看懂最关键的「机构库存」数据。 一、入门第一课：「机构库存」到底是什么？ 很多人刚听说「机构库存」，会以为是机构买了多少股票，其实完全不是这么回事，我给大家打个生活里的比方：把股票交易比作一场大型演唱会，「机构 库存」就像后台工作人员的忙碌程度——要是后台灯光、音响、道具组的人都在忙前忙后，那这场演唱会肯定是在正常推进，哪怕台下观众有点骚动，也不 用担心演出中断；要是后台工作人员都撤了，那不管台上演员怎么卖力表演，这场演出大概率要提前结束。 具体到交易里，「机构库存」的橙色柱状线，就是反映机构大资金有没 ...

"AI颠覆"冲击软件、金融和物流等行业，而极端仓位和杠杆进一步放大市场波动。投资者开始调整策略增加对冲，看跌期权偏斜度处于历史高位。但高 盛Chris Hussey表示，AI颠覆论与经济韧性数据形成冲突，市场最终方向仍需时间验证。 AI本该是今年确定性最强的交易主题。但它却转变为一种威胁，不是威胁那些构建AI的科技巨头，而是冲击那些可能被AI取代的轻资产企业。 本周，标普500指数一度走向11月以来最糟糕的表现，直到周五通胀数据温和才有所反弹，而AI颠覆恐慌正在各类市场中层层扩散。 软件公司、财富管理机构、经纪商、税务顾问等白领行业，过去十年积累的利润率扩张在几周内被重新定价，冲击波甚至传导至向这些公司提供贷款的 私募信贷市场。 （本周美股公用事业板块作为规避AI冲击的安全港，表现大幅领先，而金融板块则成为当周表现最差的板块） 华尔街高度确信的押注在六周内全面失灵。年初时现金配置创历史新低、对冲降至最低水平的基金经理们，如今正目睹共识交易的溃败，那些最被看好 的资产正输给最不受待见的标的。 能源、必需消费品和美国国债领涨2026年市场，那些年初对AI的共识押注则纷纷落败。 iShares 20+年期美国国债E ...

Core Viewpoint - AI, initially seen as a strong investment theme for the year, has shifted to a source of market uncertainty, particularly impacting light-asset companies that may be replaced by AI technology [1][4]. Group 1: Market Performance - The S&P 500 index experienced its worst performance since November until a rebound occurred following mild inflation data on Friday [1]. - The utility sector outperformed as a safe haven against AI impacts, while the financial sector was the worst performer of the week [2]. - Wall Street's previously confident bets have failed over six weeks, with cash allocations at a historic low and hedge levels at their lowest since 2018 [3]. Group 2: AI Impact and Investor Sentiment - Investors are questioning the return timelines on large capital expenditures by tech giants and whether remaining cash can continue to support stock buybacks [4]. - The sentiment is that more stocks have been harmed by AI than benefited, leading to concerns about potential contagion effects across sectors [4]. - The market is undergoing a repricing, particularly in the software industry, raising fears of broader impacts [4]. Group 3: Market Volatility - Two forces are exacerbating volatility in the U.S. stock market: low cash allocations and interconnected leveraged positions that can trigger widespread sell-offs [5]. - The VIX index recently surpassed the critical 20 mark, indicating rising market pressure despite not showing panic signals [6]. - The put-call ratio has surged since January, reflecting increased hedging activity among investors [9][10]. Group 4: Investment Strategy Adjustments - Despite current volatility, the S&P 500 remains near historical highs, and credit spreads are at ten-year lows, indicating that a market collapse has not yet occurred [9]. - There has been a significant inflow of $3.6 billion into ETFs tracking high shareholder return companies this month, suggesting a shift in investment focus [10].

Core Viewpoint - The company has experienced a poor start to the year in terms of share price despite positive developments such as success at CES and securing Ericsson as a key client [2]. Group 1: Company Developments - The company is making substantial progress on its audit and is optimistic about meeting the deadline later this month [3]. - The previous CFO left unexpectedly, necessitating a restart of the accounting process with the new CFO, Scott Meyers, who is viewed positively by the company [3]. - The relationship with auditors is reported to be excellent, with no issues found, although the audit process started later than initially planned [4].

Group 1 - The stock price of China Petroleum (601857) has declined due to multiple factors including market environment, company performance, and capital flow [1] - The Hong Kong stock market opened significantly lower, with the Hang Seng Index dropping and the oil and gas production sector experiencing an overall decline [2] - The company's revenue and net profit attributable to shareholders decreased year-on-year for the first three quarters of 2025, despite a quarter-on-quarter revenue increase in Q3 [3] Group 2 - Although there was a net inflow of major funds on the day, retail investors experienced a net outflow, indicating significant short-term selling pressure [4] - The stock price fell below the 5-day moving average, and the MACD histogram narrowed, suggesting weakened short-term momentum [4] - The decline in stock price is attributed to a combination of external market fluctuations, overall sector pullback, and pressure on company performance [4]